Arthur Hayes Buys $6.32M ETH Amid Debate on Ethereum Bottom

• Arthur Hayes buys $6.32 million worth of ETH.
• Analysts debate if Ethereum bottom is printed.
• ETH could dip one final time before bullish momentum returns.

The crypto market continues to move at a steady sideways pace. Currently, the price of BTC is holding steady at the $63,000 price range while the price of ETH sits close to the $1,900 price range. Presently analysts are debating over the possibility of a final fall in crypto asset prices, meaning one final dip before bullish momentum returns. Amidst this discussion, Arthur Hayes buys $6.32 million worth of ETH.

Recently, a reputed crypto analyst and seasoned trader, Doctor Profit, revealed that the crypto market bear bottom price for BTC will not be as severe as he imagined. Initially, he stated that the price of BTC will dip as far as the $40,000 price range. Now, he believes BTC cannot drop lower than the $54,000 price range. Thus, he went on to sell all of his BTC short trade holdings and began to accumulate BTC.

In detail, he said that he would systematically buy BTC every time the asset traded between $54,000 and $64,000. Furthermore, he also went on to announce DCAing into ETH and COIN as well, stating that these assets will likely see high price surges over the coming months. He also mentions that for the first time ever, he will be holding more ETH than BTC in his portfolio, matching the manic ETH accumulation energy of many other figures respected in the space.

These figures include Tom Lee and Arthur Hayes, of which, the former has been steadily accumulating ETH since the previous year, and as we can see from the post above, Arthur Hayes made another multimillion Dollar Ethereum bet. In detail, BitMEX co-founder Arthur Hayes purchased another 3,298 ETH valued at roughly $6.32 million. The transaction follows a series of large Ethereum purchases that began on July 15.

Hayes has now invested about $13.82 million across 7,212.6 ETH, while Tom Lee is holding almost 5% of the total ETH supply. Despite these bullish moves of analysts and traders buying ETH in the $1,800 – $1,900 price range, some others believe that the price of ETH will fall to one final lower price target before bullish momentum can return.

As we can see from the post above, this expert expects the price of ETH to fall to the $1,720 – $1,820 price range before the real bounce can begin. Some events state that ETH could fall as low as the $800 – $1,200 price range, before the surge. Ultimately, the price of ETH is expected to rise back to the $2,100 – $2,200 price range before new ATHs can be hit.